Rupert Wall

RUPERT WALL is the Head of Sidley’s Global Finance Group in Europe and the Global Co-Head of Sidley's Structured Finance Practice.

Rupert has over 20 years’ experience in structured and asset-backed finance transactions involving a diverse range of asset classes (including trade, consumer and other receivables; auto, student, aircraft, shipping, corporate, mid-market/direct lending and other loans and leases; vehicle rental fleets and residential and commercial mortgage loans), encompassing a wide range of public and private financing structures (including RMBS, CMBS, ABCP conduits, covered bonds, whole-business securitisations and CLO/CBO/CDOs, as well as more esoteric or synthetic structures).

Rupert advises fund sponsors, arrangers, originators, investment managers and investors on all aspects of securitisation, structured finance, asset-backed lending, fund financing, structured products and derivatives. He also advises counterparties in relation to general capital markets issuances, leveraged finance transactions and portfolio transactions (both performing and distressed/non-performing).

Rupert consistently receives acknowledgement from industry ranking guides, including, most recently:

Legal 500 UK 2026 – Recognised in the “Hall of Fame” for Securitisation where clients have described him as “brilliantly sharp and relentlessly driven. His tenacity and deep expertise make him an indispensable force in any complex deal.” He has also been recommended for Derivatives and Structured Products and Property Finance where clients comment “This practice relies on the legal expertise and knowledge of partner Rupert Wall, who is very well known as a leading professional in the field of practice. Rupert is extremely commercial and hands on when the need arises.”

Chambers UK 2026 – Ranked for Capital Markets: Structured Products, Capital Markets: Securitisation, and Capital Markets: CLOs, where clients note that “Rupert is instrumental on deals. His understanding of the technicalities is very strong across the relevant jurisdictions on cross-border deals.”

Legal 500 UK 2025, London – Ranked for each of Securitisation (as a “Leading Partner”), Structured Products (as a “Recommended Lawyer”), Derivatives (as a “Recommended Lawyer”) and Property Finance (as a “Recommended Lawyer”), where clients have described him as “an exceptionally talented individual in the securitisation space, which is generally full of talented and smart individuals….He has the ability to understand issues quickly and deal with them thoroughly. If securitisation were a country, Rupert would be the president.”

Chambers UK 2025 (UK and Global rankings) – Ranked for Capital Markets: Securitisation; Capital Markets: CLOs and Capital Markets: Structured Products, where clients have noted that “Rupert has an encyclopedic view and is able to explain his thought process eloquently,” “is technically astute and highly collaborative,” and that he is “knowledgeable, commercial and supportive when the need arises.”

Chambers 2024 (UK and Global rankings) – Ranked for each of: Capital Markets: Securitisation; Capital Markets: Structured Products; and Capital Markets: CLOs, where clients note that he is “always aware of what is going on in his deals, meaning he can quickly raise potential issues as and when they arise, offering a solutions-based approach to deal with such issues,” that he “can deal with highly complex, novel and bespoke matters,” “offers pragmatic advice and delivers technical issues in an understandable way” and that “his cross-practice expertise and deep fundamental knowledge means he provides sound counsel.”

The Legal 500 UK 2024, London – Ranked for: Securitisation (as a “Leading Individual”) and for Derivatives and Structured Products (as a “Recommended Lawyer”), with clients noting that he is “extremely intelligent, commercially savvy, has great experience in the securitisation market and can provide compelling advice at a moment’s notice,” that he “has thoroughly impressed us with his exceptional qualities — responsiveness, extensive knowledge and cross-practice expertise. He has always sought to achieve the best position for us on transactions and is very eloquent in defending our position which leads to the best outcome” and that he is “friendly, commercial- and solutions-oriented, without sacrificing on the highest level of knowledge and expertise.”

Chambers 2023 (UK and Global rankings) – Ranked for: Capital Markets: CLOs; Capital Markets: Securitisation and Capital Markets: Structured Products – where he has been recognised by clients as “consistently exceed[ing] our expectations in terms of the breadth and depth of his commercial knowledge and sophistication in the structured credit market;” as “very capable and a genuine business adviser. He doesn’t waste time on pointless advice and focuses on the issues that count;” as “fantastic at client management; his responsiveness and his quality of advice is great,” and as “extremely knowledgeable and…very engaged in market developments and interesting structural solutions.”

The Legal 500 UK 2023, London – Ranked for: Securitisation (as a “Leading Individual”) and for Derivatives and Structured Products (as a “Recommended Lawyer”) where he has been acknowledged by clients as “a standout individual in the market. Thorough, extremely experienced and knowledgeable as well as hands-on and accessible,” and “able to deploy his extensive experience and deep technical skills to the most challenging transactions. He is highly regarded in the market and incredibly solutions-focused.”

Chambers UK 2022 (UK and Global rankings) – Ranked for: Capital Markets: Securitisation, where he was acknowledged by clients as being “extremely responsive; he’s also fantastic at pro-actively looking for ways to support you. He’s very technically capable and will fight for you.”

Earlier editions of the Chambers UK and Legal 500 rankings have been similarly positive in their feedback with clients describing Rupert as: “very personable” with “an excellent approach to solving problems,” “excellent market knowledge,” and “a deep understanding of his practice area from CMBS and RMBS to CLOs,” who “will really fight for his clients,” and who is “very strong technically” (Chambers UK 2021); “business-focused, with a good understanding of market developments” (Chambers UK 2020); “technically excellent, with an encyclopaedic knowledge of the CLO market;” “thorough and detailed and personable to work with” (Chambers UK 2019); “stand[ing] out as being a valued adviser who, as well as being hugely bright and intellectual, has a unique ability to listen carefully to the often complex commercial dynamics that we require of a transaction and meld those seamlessly into its structure” (Chambers UK 2018); and “a standout lawyer for ABS and CLO deals,” and “a subject matter expert with the ability to get straight to the point; he has a brain the size of a planet and works very well in high pressure situations,” is “responsive, commercially minded” with “considerable experience and talent,” and “one of the brightest young partners in the market” (Legal 500 2018). 

Rupert is also the author of numerous academic and commercial securitisation guides, including:

The “England and Wales” chapter of the International Comparative Legal Guide to Securitisation every year since 2012 (and for which he has been Global Contributing Editor to the entire publication since 2020).

The “Blockchain Securitisation” expert analysis chapter to the International Comparative Legal Guide to Securitisation, 2022.

Various Practical Law (PLC) guides and articles on securitisation, including the “England and Wales” chapter of the “Q&A Guide to Structured Finance and Securitisation” the “CLO: Overview” Practice Note and the “Securitisation: regulatory framework and reforms” Practice Note.

Rupert has an unusually wide-ranging practice and experience encompassing public and private Securitisations and ABF, Structured and Asset-Backed Fund Financings (by way of securitisation or otherwise), CLOs and Structured Credit, NPL, Portfolio and Leveraged Transactions as well as Structured Products and Derivatives, acting for sponsors/funds, investment banks, insurance companies and corporates. A selection of some of his most recent representations in those areas is set out below:

Asset-Backed Securitisations (ABS)

• Auto: LahiTapiola, a leading Finnish mutual finance and insurance group, on its debut public, STS securitisation of Finnish auto loans, Tommi I, as well as each of the subsequent public STS issuances securitised as Tommi II, Tommi III, Tommi IV, and Tommi V (2021–2025) as well on further private securitisations of Finnish auto assets.
• Credit Cards: Jaja Finance, a leading credit card and finance provider owned by PE firms including KKR and TDR Capital, on its credit card securitisation financing from a syndicate of investment banks and alternative asset funds including its most recent securitisation upsize and refinancing and public issuance from a new master trust structure (2022–2025).
• Art Loans: A large investment bank on financing secured on art loans for a major auction house (2024).
• Consumer Finance: One of the world’s largest global investment firms on the securitisation aspects of its investment in one of the largest unsecured consumer finance lenders in the UK (2023-2025).
• Residential Mortgages: A leading Dutch investment bank on its warehouse financing secured on UK residential mortgage loans originated by a new bank mortgage originator (2024–2025).
• Real Estate Loans: Apollo on the securitisation elements of a financing of a Spanish loan obligation platform (2024) amongst other private securitisation matters.
• Trade Receivables: A public company on a take private transaction financed by way of a global receivables securitisation financing (2024–2025).
• Receivables: A large U.S. multinational company on its receivables financings (2024–2025).
• Commercial Real Estate: The owner of one of the largest privately held hyperscale and enterprise data center portfolios in the world on an innovative pan-European data center warehouse ABS (2024–2025).
• Personal Loans: A European investment bank and a Swedish performing and non-performing loan manager on the establishment of a securitisation of UK non-conforming loans (2021).
• Auto: Zenith (a portfolio company of Bridgepoint) on all aspects of the establishment, restructuring and ongoing operation of its innovative vehicle lease and residual value financing by way of both private securitisation, asset-backed and forward flow lending structures (2015–2025).
• Blockchain: A fintech company on a digital cash and collateral solution by way of collateral-backed token issuance on the blockchain (2021).
• Auto: A South African bank on a private securitisation of South African auto loans (2020).
• Trade Receivables: A syndicate of global investment banks on the securitisation of a portfolio of global trade receivables (2018).

Structured and Asset-Backed Fund Financings

• Intermediate Capital Group Alternative Investments (ICG) on the structured, asset-backed fund financing to its Senior Debt Partners 5 Fund (2024) and the levered financings and refinancings to a number of other ICG funds and SMAs (2021–2025).
• Morgan Stanley Investment Management (MSIM) on the subscription line and asset-backed fund financings to its debut European Direct Lending Fund (EDLF) and European Private Income Fund (EPIF) and related strategies and SMAs (2024–2025).
• Bank of America on the structured, asset-backed fund financing provided to a large, single-managed account (SMA) for a Singaporean sovereign wealth fund managed by Ares (2023).
• H.I.G. Capital/WhiteHorse/Bayside and their associated Loan Opportunities and European Direct Lending Funds on the securitisation financing of numerous portfolios of broadly syndicated and mid-market loan assets (2016–2025).
• Macquarie Asset Management on its clients’ investment in £400 million in notes related to a portfolio of commercial ground leases secured against a portfolio of ASDA supermarket sites across the UK (2023).
• Barclays Bank PLC on two financings of SMAs secured on a multibillion Euro portfolio of direct lending loans for a large middle eastern sovereign wealth fund managed by Barings Asset Management and Apollo respectively (2021 – 2024).
• ICG as asset manager on the structured, asset-backed fund financing provided by a European investment bank to a large SMA for a Canadian pension fund investor (2022 – 2024).
• A syndicate of global investment banks on their multibillion, multicurrency financings secured on mid-market loans originated and managed by Ares supporting each of the Ares ACE III, ACE IV, ACE V and ACE VI direct lending funds (2015 – 2024).
• Various investment banks as Arranger and lender and numerous credit funds/asset managers as Borrower on their private securitisation financings (levered sleeves) to European direct lending funds and SMAs (2016–2025).

CLOs and Structured Credit Transactions

• CVC Credit as investment manager to numerous recent European CLO transactions, including Cordatus 8-R, Cordatus 9-R, Cordatus 11-R, Cordatus 16-R, Cordatus 18, Cordatus 19, Cordatus 21, Cordatus 25, Cordatus 26-R, Cordatus 27, Cordatus 30 as well as, ongoing transactions (including multiple refis and resets) (2020–2025).
• Permira Credit as investment manager to all of its post-crisis European CLO transactions, including Providus CLO I (2017) (Permira Credit’s debut CLO 2.0 and the first European CLO to feature ESG Criteria) and subsequent amendments (2021), Providus CLO II (2018) and subsequent refinancings (2021 and 2024), Providus CLO III (2019) and subsequent reset (2021), Providus CLO IV (2020) and subsequent reset (2021), Providus CLO V (2021) and its subsequent reset (2025), Providus CLO VI (2021), Providus CLO VII (2022), Providus CLO VIII (2023) and its subsequent reset (2024), Providus IX CLO (2023) and its subsequent reset (2025), Providus CLO X (2024), Providus CLO XI (2024) and Providus CLO XII as well as numerous ongoing transactions.
• Spire Partners (GlobalCapital “European CLO Manager of the Year 2017”, CreditFlux “Best Boutique CLO Manager” in 2017 and 2018, “Best European CLO Manager” in 2019, 2022 and 2023 and “Manager of the Year” in 2019 and Alt Credit’s inaugural “CLO Manager of the Year” in 2019) as investment manager to all of its European CLO transactions including Aurium CLO I (CreditFlux “Best New European CLO 2016” and GlobalCapital “European CLO of the Year 2016”) and its subsequent reset and upsize (2019); Aurium CLO II (Private Debt Investor “Global CLO of the Year 2016”, GlobalCapital “European CLO of the Year 2017” and CreditFlux “Best New European CLO 2017” and “Best European CLO 2018 and 2019”) and its subsequent re-issue (2021), Aurium CLO III (CreditFlux “Best New European CLO 2018”), Aurium CLO IV (2019) and its subsequent refinancing (2021), Aurium CLO V (2020) and its subsequent resets (2021 and 2025), Aurium CLO VI (2020) and its subsequent reset (2021), Aurium CLO VII (2021) and its subsequent reset (2025), Aurium CLO VIII (2021) and its subsequent reset (2025), Aurium CLO IX (2022), Aurium CLO X (2022) and its subsequent reset (2024), Aurium CLO XI (2023) and its subsequent reset (2025), Aurium CLO XII (2024), Aurium XIII (2025) and Aurium XIV (2025) as well as numerous ongoing structured credit transactions.
• LGT, the privately owned global multi-alternatives firm, on their debut European CLO platform (Legato I, issued in 2025) and related CLO Equity fund structures including ongoing CLO issuances as well as their risk retention and CLO equity fund (2024–2025).
• RBC Bluebay Asset Management on its European CLO programme including BBAM CLO IV-R (2025), BBAM CLO VI (2025) and numerous ongoing transactions (including refis and resets) as well as on their captive CLO equity / risk retention fund (2025).
• Fair Oaks Capital on its European CLO programme including Fair Oaks Loan Fund V, Fair Oaks Loan Fund VI and ongoing transactions (including refis and resets) as well as on their risk retention solutions (2025).
• Brigade Capital on its European CLO programme (Armada) and ongoing transactions (including refis and resets) as well as on their risk retention solutions (2025).
• Numerous global and European credit funds and alternative investment managers (including CVC Credit, Fair Oaks Capital, LGT, Oaktree, Permira Credit, RBC Bluebay Asset Management and Spire Partners amongst others) on the establishment and ongoing operation of CLO equity risk retention funds, long term permanent capital vehicles and warehouses as well as non-risk retention structured credit funds (2018–2025).
• Numerous investors (across the capital structure from AAA to equity, including the most prevalent AAA and equity investors in the market) on their investments in recent European and U.S. CLOs (new issuances, refinancings and resets) and CLO warehouses (2015–2025).
• A South African investment bank on the regulatory implications of its investment in U.S. middle-market CLOs and warehouses (2019–2025).

Non-Performing Loan (NPL), Portfolio and Leveraged Transactions

• Apollo funds on a private securitisation of Cypriot NPLs (2023).
• Numerous alternative investment managers and funds on their bid for portfolios of European (including particularly Greek, Cypriot and Spanish) NPLs (2021 - 2024).
• A U.S. investment bank on its financing and purchase of portfolios of cross-border trade receivables by way of master receivables purchase agreements (2021).
• A European investment bank on a structured acquisition of a portfolio of South American NPLs (2020).
• MidCap Financial, a unit of Apollo Global Management, on the establishment and financing of its European mid-market and direct lending business and its acquisition of a US$3.6 billion loan portfolio from Mubadala GE Capital together with certain ongoing financings (2016).

Structured Products and Derivative Transactions

• LGT Credit on its investments in Significant Risk Transfer (SRT) trades (2025)
• Apollo funds on the structured refinancing of a securitisation of student loans by way of securities purchase arrangements (2023).
• Polar Capital on its investments in a number of Significant Risk Transfer (SRT) trades (2020 – 2025).
• Deutsche Bank on multiple repacks/structured products secured on UK commercial real estate revenues (2020 – 2024).
• A European investment bank on the regulatory implications of repos involving securitised collateral (2023).
• A European investment bank on the restructuring of its existing issuance of variable funding notes backed by underlying loan assets (2021).
• A European asset manager on its fund derivative transactions (2021 – 2024).
• A leading investment bank on derivatives linked to underlying CRE CLO transactions (2021).